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Buy Online Car Insurance

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Delivering great home insurance car insurance to the UK consumer Direct Line are a true household name

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How Should You Spend Your Money

27. 06. 2008

Is your money better placed with an insurance broker or should you go direct to the underwriter

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Insurance Broking

Although the business of Insurance broking had been long established. A boom in motor Insurance Broking occurred during the 1960�s. Lloyds as we have established relied on the service of brokers to sell their product.

Brokers worked on the basis they could deal with many different Insurance Companies.

Broking had become big business and the development of financial services allowed customers the simplicity of being able to spread their costs with easy payment schemes.

With the development of these Brokers and the simplicity in payment schemes, little else was required to make a successful High Street business.

On selling their product the insurance brokers could then receive a commission from the Insurance Company for selling the policy. In the early years the process of selling a policy to the man on the street was a simple and no hard sell was used. The customer would walk in off the street and the person behind the counter would simply give them a price for their motor insurance, based on their knowledge and a set of tables supplied to them via the Insurance Companies. If the customer were interested the broker would not force them to buy, they would simply offer them the opportunity of thinking about it.

In the early years of High Street Broking the whole procedure was very much based on the personal touch. The High Street Broker became a familiar face that offered his regular customers a friendly service. With the introduction of easy payment schemes, some customers would make more than one trip to the brokers during the year to pay their instalments, which enabled the brokers to establish themselves just as local shopkeeper would do.

In those days broking was a very manual and paperwork generated process. Although the Broker would give a relatively quick quote, if the customer wished to go ahead with the policy, the broker would then have to complete the paperwork relevant to the Insurance Company quoting the price.

The Broker might have 50 or 60 different Insurance Companies to quote from, therefore 50 or 60 different types of proposal forms they would have to learn.

When the Broker took the money from the customer the paperwork would then be forwarded to the Insurance Company. If there were any mistakes on the paperwork the Insurance Company would have to send it back to the Broker for completion before they could bill the Broker for the money. As you might imagine, some brokers could often make mistakes on the paperwork, knowing full well that it would come back, delaying the process.

This would enable them to hold onto the money a little longer and therefore assist cash flow.

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